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FindWhat.com Renegotiates Espotting Deal

Updated Sept. 19, 2003 11:39 a.m. ET

FindWhat.com is seeking to reduce its purchase price of Espotting Media Inc. after reviewing financial data submitted by its privately held acquisition target. FindWhat, a Fort Myers, Fla., online marketing-services company, retracted its postacquisition guidance after reviewing the data and said it is working to bring Espotting's financial results in line with U.S. generally accepted accounting principles. FindWhat.com had previously estimated Espotting, a British online advertising service, would have 2003 pro forma earnings of $7.5 million on revenue of $75 million. If the companies cannot agree on renegotiated...